The PMR Chartist #2
Best charts I stumbled upon today...
Moved back lower on labor differential, suggesting the unemployment rate moving higher soon (above 4%).
Consumer confidence fell today but stock price expectations did NOT.
Home prices still going up, but barely on a MoM basis.
The Atlanta Fed raised their Q1 growth estimate back above 3% to 3.16% with residential investment driving the jump.
That is a lot of power. Even with rapidly growing non fossil fuel power, it is difficult to fill that gap without more fossil fuels.
Sentiment is sporty but may have a little room left before everyone realizes which side of the boat everyone else is on.
Global internals have been strong over the last year.
FX vol has fallen off a cliff over the last month.
Everyone has seen the BBG Commodity chart by now - here is how they are all doing YTD. Also, corn is worse than natural gas over the last year!
Speaking of commodities - check out the breakout in cotton.
European equities (led by GRANOLAS) are off to a great start to the year but even they are trailing MAG7 by a ton.
XBI with a strong month so far and a great year. Biotech *could* end up being a big AI winner in the end and has been beaten up of late so it will be interesting to see if this move can have legs.
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